Macfos Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Macfos Ltd filed with BSE on 02 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Macfos Limited reported FY26 revenue of roughly Rs 312 crore, EBITDA of Rs 39 crore and PAT of Rs 25.65 crore, with management citing like-to-like growth of about 67% in revenue, 103% in EBITDA and 105% in PAT after excluding a one-time bulk sale in H1 FY25. Management corrected two data points in the investor presentation: total orders served in H2 FY26 and the methodology used for annual unique visitor counts. Management also discussed the Robu 1.0 distribution business and Robu 2.0 proprietary products including drones and SmartElex, describing early-stage traction, government and defense engagement, and margin targets for the new product lines.
Numbers mentioned
Revenue: roughly INR312 crores (FY 2025-26)
p. 3
“During this year, we have achieved a revenue of roughly INR312 crores with EBITDA margin of INR39 crores and profit after tax of INR25.65 crores.”
Atul Dumbre, page 3 of the filed PDF · View the filing
EBITDA: INR39 crores (FY 2025-26)
p. 3
“During this year, we have achieved a revenue of roughly INR312 crores with EBITDA margin of INR39 crores and profit after tax of INR25.65 crores.”
Atul Dumbre, page 3 of the filed PDF · View the filing
Profit after tax: INR25.65 crores (FY 2025-26)
p. 3
“During this year, we have achieved a revenue of roughly INR312 crores with EBITDA margin of INR39 crores and profit after tax of INR25.65 crores.”
Atul Dumbre, page 3 of the filed PDF · View the filing
Revenue growth (like-to-like): roughly 67% (FY 2025-26 vs FY 2024-25)
p. 3
“On a like-to-like basis, this represents a strong year-on-year growth of roughly 67% in revenue, 103% in EBITDA, and 105% in PAT.”
Atul Dumbre, page 3 of the filed PDF · View the filing
One-time bulk sale excluded: roughly INR71 crores (H1 FY 2024-25)
p. 3
“For a fair comparison, we have excluded one-time bulk sales of roughly INR71 crores which was done in H1 of financial year 24-25.”
Atul Dumbre, page 3 of the filed PDF · View the filing
Total orders served: 2,67,126 (H2 FY 2025-26)
p. 4
“In the presentation, the number is 3 lakh. This was a typo mistake; actual number is 2,67,126.”
Atul Dumbre, page 4 of the filed PDF · View the filing
Average order value: INR6776 (H2 FY 2025-26)
p. 5
“in H2 '25-'26, the average order value was INR6776 as per presentation.”
Kiran D., page 5 of the filed PDF · View the filing
Number of unique customers: 1.85 lakh (FY 2025-26)
p. 22
“Annual jo hai that is 1.85 lakh roughly jo last year 1.45 lakh tha wo 1.85 lakh ho gaya hai and it is not part of our KPIs.”
Atul Dumbre, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Gross margin from Robu 2.0 (SmartElex/ProRange/SimplyFly/EasyMech) products — 10% higher than regular distribution gross margin
stated firmly by Atul Dumbre
p. 9
“hamare jo regular products hain, usse at least 10% margin hum extra dekhte hain ROBU 2.0 wale products mein in gross margins.”
Atul Dumbre, page 9 of the filed PDF · View the filing
Warehousing/order processing capacity — 30-40% more than current average order processing
stated as an aspiration by Atul Dumbre
p. 21
“Aaj jo mera average order processing hai usse 30 to 40% mera capacity zyada hona chahiye.”
Atul Dumbre, page 21 of the filed PDF · View the filing
Capex for warehouse this year — none planned · FY27
stated firmly by Atul Dumbre
p. 21
“Not as of now.”
Atul Dumbre, page 21 of the filed PDF · View the filing
Overall company margin uplift from Robu 2.0 contribution — plus 1% to 2% · long run
stated as an aspiration by Atul Dumbre
p. 18
“I think we are just striving for that plus 1% to 2% in long run.”
Atul Dumbre, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the jump to B2B and B2G customers consuming their yearly budgets in the last quarter of the financial year.
Answered by Management
Asked by Kiran D.: Why did average order value jump substantially from Q3 to Q4?
p. 5
“So I think in last quarter of financial year, there are a lot of B2B customers as well as B2G customers which are consuming their yearly budget and that's why we generally see this jump in last quarter of financial year.”
Management, page 5 of the filed PDF · View the filing
Management said products with memory such as development boards and drone controllers were impacted by price increases, and the company balances passing costs to customers against supplier agreements and competition.
Answered by Management
Asked by Swaraj: Are memory chip shortages affecting product categories and pricing?
p. 6
“So it is very so any product which have memory, so I think mostly these development boards or drone controllers, they have all been impacted, I mean the prices have increased because of memory shortages.”
Management, page 6 of the filed PDF · View the filing
Management said they are not giving revenue numbers for Robu 2.0 currently but reiterated the 10% extra gross margin target versus regular products.
Answered by Management
Asked by Urmish Shah: What is the long-term revenue goal for Robu 2.0 and the margin expectation?
p. 9
“So margins ke maamle mein hum bolte aa rahe hain ki hamare jo regular products hain, usse at least 10% margin hum extra dekhte hain ROBU 2.0 wale products mein in gross margins.”
Management, page 9 of the filed PDF · View the filing
Management said they are supplying low value, low volume products directly to defense and are focused on one or two SKUs, with substantial revenue not yet realized.
Answered by Atul Dumbre
Asked by Parin Gala: What has been developed in drones and is the company engaging directly with defense?
p. 10
“we started working with defense directly, we are as of now we are working directly and we are supplying some low value and low volume products to them.”
Atul Dumbre, page 10 of the filed PDF · View the filing
Management said debt is mostly converted into inventory that generates revenue and considers it low risk, with the banking partner comfortable as long as revenue conversion continues.
Answered by Management
Asked by Rohit Prakash: Is the company comfortable with rising debt to fund growth, and how does the bank view it?
p. 14
“we are never worried about the debt for company because hum jo bhi debt lete hain most of it or almost saara debt we convert it into inventory, jo inventory we are going to sell and make revenue for company.”
Management, page 14 of the filed PDF · View the filing
Management confirmed intent to move to the main board eventually but said there is no specific date set.
Answered by Management
Asked by Rohit Prakash: Is main board listing imminent given the company meets net worth requirements?
p. 16
“However, we don't have any specific date or time in mind as of now.”
Management, page 16 of the filed PDF · View the filing
Management attributed most of the increase to a calculated decision two years ago to add the components category, which carries higher margins but also higher dead inventory.
Answered by Atul Dumbre
Asked by Swaraj: Why did slow-moving/dead inventory increase from 2.5 to 6, and what is being done about it?
p. 23
“Toh humne do saal pehle jo component ki category add ki thi tab se hi ye main bolte aa raha hoon ki uspe thode margin zyada hain lekin wo category ka side effect ye hai ki thodi inventory badhegi, dead inventory usse badhegi.”
Atul Dumbre, page 23 of the filed PDF · View the filing
Management explained the change in calculation methodology caused overlapping visitors across quarters to be undercounted in the annual figure, and said corrected data would be republished.
Answered by Atul Dumbre
Asked by Swaraj: What was behind the unique visitors data discrepancy between quarterly and annual figures?
p. 22
“Yes humne check kiya hai aur internally hamare jo ye growth matrix hai visitors waghera ke they are growing.”
Atul Dumbre, page 22 of the filed PDF · View the filing
Management said B2B customers tend to place higher value but fewer orders while B2C customers place lower value but higher volume orders, with B2B revenue proportion gradually increasing.
Answered by Atul Dumbre
Asked by Chinmay Nema: Can you give directional color on B2B vs B2C growth without disclosing the split?
p. 25
“Aur hamare jo B2B customer hain that will be placing high value but less number of customers in that sense.”
Atul Dumbre, page 25 of the filed PDF · View the filing
Risks flagged
Margin pressure and rising competition as the distribution business scales
p. 9
“there'll be margin ka pressure aayega, there'll be competition which will be increasing.”
Management, page 9 of the filed PDF · View the filing
Uncertainty over whether the defense drone business will materialize into sustained revenue
p. 11
“jo I I'm foreseeing ki agle do saal mein either we'll be in or out of that business.”
Atul Dumbre, page 11 of the filed PDF · View the filing
Increase in dead/slow-moving inventory from the components category
p. 23
“thodi inventory badhegi, dead inventory usse badhegi.”
Atul Dumbre, page 23 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.